With an affordability score of 4.8 out of 5, The Hartford is the most affordable business insurer in the nation for most small businesses. Also, check pricing with Thimble, Simply Business, Progressive Commercial and Nationwide.
Cheapest Business Insurance
Updated: July 2, 2025
Advertising & Editorial Disclosure
Key Takeaways
The Hartford, Thimble and Simply Business offer the most affordable overall business insurance, with monthly rates starting at $19.
The cheapest business insurance provider depends on your preferred coverage type, industry, location and business size.
Find the best cheap business insurance for you by deciding on coverage needs beforehand, researching costs, bundling policies with the same company and comparing multiple quotes.
Cheapest Business Insurance Companies
Cheapest Company | Affordability Score (Out of 5) | Average Monthly Business Insurance Cost |
|---|---|---|
The Hartford | 4.8 | $75 |
Thimble | 4.73 | $78 |
Simply Business | 4.44 | $89 |
Progressive Commercial | 4.4 | $91 |
Nationwide | 4.35 | $94 |
*These rates are for small businesses with two employees across 79 major industries or business types and four coverage types: general liability, workers' comp, professional liability and business owner's policy (BOP).
The Hartford: Cheapest Overall
pros
Most affordable rates overall
High customer service ratings
Extensive coverage selection and benefits
More than 100 years of industry experience
cons
Not available in Hawaii and Alaska
Can be less affordable for general liability and workers' comp
COMPANY HIGHLIGHTS
The Hartford tops our list as the cheapest overall provider and the best business insurance company in the U.S. It has the lowest monthly rates for professional liability and business owner's policy (BOP), at $73 and $107, respectively, and is the second most affordable for general liability insurance.
The Hartford also earns our study's best overall customer service and claims satisfaction scores. It has the highest customer claims review score online from more than 3,000 businesses at 4.8 out of 5.
Cheapest Business Insurance by Coverage Type
While The Hartford is the cheapest business insurance company overall, this differs widely by coverage type. Here are the cheapest companies for the four business insurance types we studied:
Coverage Type | Cheapest Company | Average Monthly Rate | Runner-up |
|---|---|---|---|
Thimble | $78 | The Hartford | |
Thimble | $31 | Simply Business | |
The Hartford | $73 | NEXT | |
BOP insurance | The Hartford | $107 | Thimble |
*These rates are for small businesses with two employees across 79 major industries or business types.
Cheapest Business Insurance by Business Size
According to our study, The Hartford also wins across all business sizes for affordable coverage, so regardless of your firm's size, you'll find the cheapest rates with it. See the average rates below:
Business Size Type | Cheapest Company | Average Monthly Rate |
|---|---|---|
The Hartford | $36 | |
Medium-sized small businesses (one to five employees) | The Hartford | $70 |
Medium-large small businesses (six to 10 employees) | The Hartford | $127 |
Larger small businesses (11+ employees) | The Hartford | $221 |
*These rates are for small businesses with two employees across 79 major industries or business types and four coverage types: general liability, workers' comp, professional liability and BOP.
Cheapest Business Insurance by Industry
At the industry level, the cheapest overall provider varies widely. However, The Hartford still comes out on top overall, ranking as the most affordable for 31 out of the 79 industries or business types we studied. Thimble follows with 14, and NEXT comes close behind with 13.
Industry/Business Type | Cheapest Company | Average Monthly Rate |
|---|---|---|
Accountants | The Hartford | $45 |
Ad agency | The Hartford | $47 |
Auto repair | Nationwide | $93 |
Automotive | NEXT | $49 |
Bakery | The Hartford | $60 |
Barber | NEXT | $26 |
Beauty salon | Coverdash | $40 |
Bounce house rentals | The Hartford | $52 |
Candle | NEXT | $37 |
Cannabis | The Hartford | $70 |
Catering | Thimble | $43 |
Cleaning | Thimble | $45 |
Coffee shop | Coverdash | $56 |
Computer programming | The Hartford | $37 |
Computer repair | NEXT | $30 |
Construction | Hiscox | $66 |
Consulting | The Hartford | $38 |
Contractor | biBerk | $169 |
Courier | The Hartford | $152 |
Daycare | The Hartford | $41 |
Dental | NEXT | $37 |
DJ | NEXT | $20 |
Dog grooming | Thimble | $43 |
Drone | The Hartford | $35 |
E-commerce | Thimble | $33 |
Electrical | Simply Business | $66 |
Engineering | The Hartford | $46 |
Excavation | biBerk | $245 |
Florist | Thimble | $31 |
Food | Coverdash | $58 |
Food truck | NEXT | $67 |
Funeral home | The Hartford | $50 |
Gardening | NEXT | $29 |
Handyman | biBerk | $126 |
Home-based | Progressive Commercial | $19 |
Hospitality | Nationwide | $32 |
HVAC | Thimble | $93 |
Janitorial | Thimble | $52 |
Jewelry | Simply Business | $27 |
Junk removal | The Hartford | $109 |
Lawn/Landscaping | Thimble | $52 |
Lawyers | Simply Business | $28 |
Manufacturing | The Hartford | $52 |
Marine | The Hartford | $46 |
Massage | The Hartford | $55 |
Mortgage broker | The Hartford | $36 |
Moving | The Hartford | $128 |
Nonprofit | The Hartford | $40 |
Painting | Thimble | $55 |
Party rental | The Hartford | $59 |
Personal training | NEXT | $27 |
Pest control | The Hartford | $40 |
Pet | Thimble | $50 |
Pharmacy | Coverdash | $39 |
Photography | NEXT | $39 |
Physical therapy | The Hartford | $29 |
Plumbing | The Hartford | $200 |
Pressure washing | Thimble | $305 |
Real estate | NEXT | $31 |
Restaurant | Nationwide | $94 |
Retail | Nationwide | $45 |
Roofing | Thimble | $235 |
Security | Hiscox | $49 |
Snack bars | Coverdash | $79 |
Software | The Hartford | $23 |
Spa/Wellness | Simply Business | $38 |
Speech therapist | The Hartford | $40 |
Startup | Simply Business | $35 |
Tech/IT | The Hartford | $29 |
Transportation | The Hartford | $69 |
Travel | The Hartford | $32 |
Tree service | Thimble | $78 |
Trucking | The Hartford | $99 |
Tutoring | NEXT | $35 |
Veterinary | The Hartford | $32 |
Wedding planning | NEXT | $38 |
Welding | The Hartford | $114 |
Wholesale | Coverdash | $45 |
Window cleaning | Thimble | $64 |
*These rates are for small businesses with two employees across 79 major industries or business types and four coverage types: general liability, workers' comp, professional liability and BOP.
Cheapest Business Insurance by State
The Hartford still dominates nationally for affordability, ranking as the most affordable in 42 out of 50 states, while Thimble ranks cheapest for the other eight. You can see which company is the lowest-cost provider in your state:
State | Cheapest Company | Average Monthly Rate |
|---|---|---|
Alabama | Thimble | $76 |
Alaska | Thimble | $71 |
Arizona | Thimble | $69 |
Arkansas | Thimble | $72 |
California | Thimble | $78 |
Colorado | The Hartford | $73 |
Connecticut | The Hartford | $76 |
Delaware | The Hartford | $80 |
Florida | The Hartford | $79 |
Georgia | The Hartford | $78 |
Hawaii | Thimble | $83 |
Idaho | The Hartford | $77 |
Illinois | The Hartford | $81 |
Indiana | The Hartford | $76 |
Iowa | The Hartford | $72 |
Kansas | The Hartford | $75 |
Kentucky | The Hartford | $74 |
Louisiana | The Hartford | $78 |
Maine | The Hartford | $70 |
Maryland | The Hartford | $71 |
Massachusetts | The Hartford | $79 |
Michigan | The Hartford | $73 |
Minnesota | The Hartford | $70 |
Mississippi | The Hartford | $75 |
Missouri | The Hartford | $74 |
Montana | The Hartford | $72 |
Nebraska | The Hartford | $72 |
Nevada | The Hartford | $79 |
New Hampshire | The Hartford | $74 |
New Jersey | Thimble | $80 |
New Mexico | The Hartford | $73 |
New York | Thimble | $84 |
North Carolina | The Hartford | $74 |
North Dakota | The Hartford | $85 |
Ohio | The Hartford | $93 |
Oklahoma | The Hartford | $73 |
Oregon | The Hartford | $67 |
Pennsylvania | The Hartford | $76 |
Rhode Island | The Hartford | $75 |
South Carolina | The Hartford | $73 |
South Dakota | The Hartford | $76 |
Tennessee | The Hartford | $80 |
Texas | The Hartford | $78 |
Utah | The Hartford | $72 |
Vermont | The Hartford | $72 |
Virginia | The Hartford | $72 |
Washington | The Hartford | $91 |
West Virginia | The Hartford | $74 |
Wisconsin | The Hartford | $71 |
Wyoming | The Hartford | $89 |
*These rates are for small businesses with two employees across 79 major industries or business types and four coverage types: general liability, workers' comp, professional liability and BOP.
How to Get Cheap Business Insurance
Here are some steps you can take to get cheap business insurance coverage:
- 1
Shop around and compare quotes
Get quotes from multiple insurers, including independent agents who work with several companies. Rates can vary widely between providers for the same coverage.
- 2
Bundle your policies
Many insurers offer discounts when you purchase multiple types of coverage (general liability, property, workers' compensation, cyber liability) from the same company. For example, our top pick, The Hartford, offers special discounts of 10% for bundling multiple policy types.
- 3
Consider your business classification
Make sure your business is classified correctly. Sometimes, adjusting how your business activities are described can result in lower rates if you qualify for a less risky category.
- 4
Pay annually instead of monthly
Many insurers charge fees for monthly payment plans. Paying your premium annually often saves money on processing fees. While Thimble, The Hartford and NEXT don't specify their exact discount for annual payment, we see a 5% discount in our quote research.
- 5
Increase your deductibles
Higher deductibles often mean lower premiums. Just ensure you can afford the out-of-pocket costs if you need to file a claim.
- 6
Minimize business risks
A risk management plan can reduce the likelihood of claims, lowering premiums. It can include employee safety training or improving security measures.
- 7
Review your policies annually
As your business grows and changes, so do your insurance needs. Regularly reviewing your coverage ensures you're not overinsured or underinsured.
Cheapest Small Business Insurance: Bottom Line
Based on MoneyGeek's 2025 nationwide analysis, the most affordable business insurance providers are The Hartford, Thimble, Simply Business, Progressive Commercial and Nationwide. However, the cheapest for your business depends on factors like the number of employees, preferred coverage, industry and other business characteristics.
Cheap Small Business Insurance: FAQ
View the answers to your questions below to better understand where and how you can get cheap business insurance.
Which company offers the cheapest business insurance?
The Hartford is the leading provider of the cheapest business insurance, particularly for professional liability and BOP policies. However, for general liability and workers' comp insurance, Thimble is the most affordable provider, with The Hartford following close behind with the second and third most affordable rates, respectively.
What factors impact business insurance costs?
Several factors influence the cost of business insurance, including the type of business, its size, location and industry. The number of employees, the business's risk exposure, the needed coverage amount and the business's claim history can also substantially impact premiums.
How can you get cheap business insurance?
As a business owner looking for cheap business insurance, assess your risk profile and gather multiple quotes to identify necessary coverage at the best price. Consider bundling policies, implementing risk management plans to lower premiums and annually reviewing your coverage to match your changing business needs.
Do I need workers' compensation insurance if I'm a sole proprietor?
Workers' compensation exemptions vary by state, but sole proprietors, partners and independent contractors may be exempt from the workers' comp coverage requirement. However, once you have employees, workers' comp becomes mandatory in most states.
How much can industry type affect my business insurance costs?
Industry substantially impacts costs, with high-risk sectors like health care or construction facing higher premiums. In comparison, lower-risk industries like consulting or software development have lower premiums due to reduced likelihood of claims.
What's the fastest way to get a business insurance quote?
The Hartford offers quick turnaround times of just 90 seconds, while Thimble provides quotes in less than a minute and is the second-fastest quote provider.
How We Chose the Cheapest Small Business Insurance Companies
MoneyGeek created a scoring system to compare small business insurance companies across cost metrics and ranked them based on affordability. We chose these companies based on their broad national coverage and ability to provide an online quote.
Below is the profile we used to gather our overall rankings:
- Business with two employees (three people)
- $150,000 annual payroll
- $300,000 annual revenue
- Already insured
- $1 million or $2 million aggregate coverage (all policy types)
- $5,000 property damage (BOP only)
All modifications to this profile kept all other factors constant to ensure we gave an appropriate recommendation based on cost factors. We also considered coverage types equally when determining affordability scores in our study (each having a 25% influence on scoring).
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- The Hartford. "Business Insurance." Accessed June 25, 2025.